Retail Zoo brands streamline financial reporting with MYOB

By Sarah Stowe | 02 Nov 2015 View comments

Easier business management for franchisees in the Boost Juice, Salsa's Fesh Mex and Cibo Expresso chains is the aim of a new partnership between parent company Retail Zoo and the MYOB business.

Retail Zoo CEO Scott Meneilly said "We're setting a benchmark in the franchise sector by introducing a business education program to empower our network to be highly successful multi-store owners."

The partnership provides financial management and streamlined bookkeeping processes for the existing185 franchisees using cloud accounting software.

The AccountRight Live package includes a comprehensive financial management training program, dedicated support from MYOB specialist bookkeepers, a ready to go AccountRight live file with a customised chart of accounts for consistent bookkeeping across each store and access to special offers.

James Scollay, general manager – business division at MYOB, said "We're helping some of the country's most ambitious business owners understand how cloud accounting can drive efficiencies and improve their understanding of their financial situation and the funds available to invest back into their business."

The colloboration will make franchisees' business lives easier, he said.

"For example, our accurate, reliable and secure bank feeds ensure business bank transactions are automatically fed into AccountRightLive and coded for them. This will reduce time spent on administration, giving them more time to spend with their customers and grow their business. SMEs utilising MYOB's bank feeds say it saves them an average of 10 hours per month. The average value they put on this time saving is $713."

Boost Juice franchisee Samantha Aad from Lake Haven agrees the new partnership has proved beneficial for her business.

"MYOB has saved us both time and money by streamlining the finance function of our business. Their software is a terrific resource from a planning point of view, as we've been able to set up comprehensive budgets to help us grow our business."